As the world changes, the tactics that you use in your business need to change, too. Every year there are new rules, technologies, and trends to follow if you want to find success in the rental market industry. While some old techniques will prove to be tried-and-true, analyzing your business for potential improvements is always a good idea.
Without updating your business model, you’ll eventually be so stuck in the past that you will need to do a complete overhaul to find success. Rather than ending up in that position, it’s better to make continual changes as the market around you changes.
Today, we’ll be covering five ways that property management is currently changing. These five changes may not seem significant, but they may have a bigger impact than you realize.
Find out how property management is changing and how to succeed with those changes with our simple guide!
A Table Of Contents For Finding Property Management Success
- #1 Communication Expectations
- #2 At-Home Tech Capabilities
- #3 Competitive Retention
- #4 Online Payments
- #5 Tenant Selection Processes
The first area that you need to know more about when learning how property management is changing and how to succeed in the new industry is communication.
The way that property managers and landlords communicate with their tenants has been changing for many years, and those changes continue to happen more rapidly than ever before. When landlords used to regularly call up their tenants to check-in or give out their address for the tenant to swing by if needed, those methods are not as comfortable for many people in today’s world.
Instead, people are moving towards email and messaging apps to communicate with each other, and the same is happening in the property management world. Additionally, people are still expecting personalized service, which can be hard to manage when using these faceless methods of communication.
To counteract the problems that can be caused in a world of changing communication, we recommend having three primary methods of communication available to your tenants:
- Phone number for calls and texts
- Online messaging system (i.e., email or a specific management app)
- On-site personnel
While numbers one and two are fairly self-explanatory, let’s talk about number three. It might seem weird to push having on-site personnel for apartment buildings when people tend to use technology to get into contact, but this is essential for face-to-face help.
When something happens and help is needed quickly or, at the very least, an understanding of the situation is required, on-site personnel can be key to ensuring the tenant feels a connection with your business team. Not only will it be easier to gather info with an in-person meeting, but the tenant will also appreciate you going above-and-beyond to fix their problem.
The trend continues that more and more people are working from home and expecting to be able to keep up with the pace of the world around them, and that means that you need to provide tenants with high tech options, too.
Setting up some of your units with high-speed internet, extra cable options, add-on tech options, and more such capabilities can help you to stand out among apartments and properties that haven’t yet been updated in that way.
Not all tenants will want to pay more for these types of updates, but some will find the updates to be a must. Balancing the units that you have available to fit both types of tenants will ensure that you can always find a renter when you need one!
With more and more property owners moving into the world of rentals and property management as a business method each year, the rental world has probably never been as competitive as it is today!
In order to keep retention numbers high, many apartment units and properties are offering perks to tenants that choose to stay for additional years or are willing to sign multi-year contracts.
If you can’t beat them, join them!
Keeping your retention numbers high is essential in the rental world. Each time that you need to find a new tenant for one of your properties, you have to spend a lot of time and energy doing so.
Think of some new ways to inspire your tenants to stick around longer. Upgrading units, offering discounts, and ensuring that you are always responding to their concerns in a timely way are just a few ways that you can continue to improve your retention numbers.
In the past, rent was always paid by check. Many landlords still prefer to process payments in this way because it is simple, and they are accustomed to doing so.
Many, however, have made it possible for their tenants to set up automatic payments from their bank accounts or even set up an online payment portal so that tenants don’t need to worry about having checks on hand and sending them out.
As the average birth year of tenants gets lower, more and more people will expect online payments to be possible.
Set up a way for your tenants to pay online. Don’t make it required, but allow online payment to be an option along with more traditional methods such as checks.
Doing this doesn’t need to be difficult. Simply setting up a PayPal account or using a simple property management website can allow you to easily process online payments without losing much to fees.
This change is not unique to this year, but it is one that is always going to apply when moving forward with your business! The rules about tenant selection, credit scores, and what you can or cannot ask on a rental application are constantly being refined.
If you want to avoid any trouble with rejected tenants and the law, you want to be sure that you are in-the-know about any changes.
Using a reliable tenant screening service is a great way to ensure that your procedures match up with the new rules. Services like this one make sure that their processes are not going against any laws in your area, and they can make it easier to find the best tenant for your property!
Now, you are caught up on how property management is changing and how to succeed with the changes in play. With these solutions, you will be able to keep your bottom line and improve your profits without falling prey to any surprise problems from these changes.
It’s fine to use your tried-and-true tactics to manage your business, but being aware of how the overall industry is changing is the best way to make sure your practices are going to bring you continued success!